NACCIMA calls for enhanced strategies to optimise bilateral trade

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has called on Nigerian, foreign governments and stakeholders from the private sector to maximise the gains of bilateral trade through enhanced strategies.

The association elaborated that strategic planning was a paramount factor in achieving any nation’s set goals in terms of where they want to be and what they want to achieve on the international trading platform.

According to the president of NACCIMA, Mohammed Badaru Abubakar, who made the call in Lagos at a one-day Nigeria-Indonesia business forum, enormous investment opportunities exists in both countries which should be systematically explored to generate more wealth and create employment opportunities for citizens of both nations.

“This event is aimed at providing a veritable platform to develop the economic relations between Indonesia and Nigeria, particularly in the areas of trade, investment and tourism. However, there is a need for Nigeria and Indonesia to come up with strategic plans that would enhance collaborative and mutually benefi cial investments between the two nations,” he said.

He noted that already, Nigeria and Indonesia have set targets for themselves and one of the major objectives was to double the bilateral trade between the two countries by 2015.

He pointed out that trade between Nigeria and Indonesia is refl ected in the diversity of products and services, including value added agricultural products, mining products, creativity-based products, strategic industries, construction services, transportation, manufacturing among others.

“It is, therefore, my belief that this visit by the Indonesian delegation to Nigeria is a right step towards deepening and improving the existing volume of trade relations between the two countries,” he said.

Represented by the national treasurer of the association, Architect Thomas Awagu, the NACCIMA president urged the Indonesian delegation to specially note some of the fundamental facts that would be of benefi t to them as they explore investment opportunities in Nigeria.

He stated that Nigeria’s selling points included but were not limited to being the 8th largest population in the world with over 167 million people; having the 10th and 12th world largest reserves of oil and gas, respectively and being the 4th largest equity market in the MSCI Frontier Market index.

“First among the N-11 leading “global growth generators” (3G) over the next 40 years, with prospects of growing its global GDP share to 2.5 per cent in 2050, overtaking Italy, France, and UK. Let me quickly add that Nigeria has been recognized globally as the biggest market for Foreign Direct Investment (FDI) in Africa,” he stated.

He was however quick to add that the Nigerian business and investment environment, like that of any other developing economy in the world, has its peculiar challenges but assured the Indonesian delegation that with the on-going economic reform programme of the Federal Government of Nigeria, investment climate has improved and would continue to get better over time.

In his response, the leader of the Indonesian business delegation and the director for African affairs in the Indonesian foreign affairs ministry, Lasro Simbolon, said that the mission basically was to remind them not to allow one quarter of the year to go by without both countries making contact through a collective effort to explore all possibilities that will enhance achievements and build on progress.

“I feel that both countries are natural partners with strong political attachment working very well within OIC and G-8 where Nigeria and Indonesia are very much keen to move into more concrete benefi cial undertakings towards a multilateral agenda,” he stated.

He explained that in regards to NACCIMA and the Indonesian chamber of commerce, an MOU which he is very keen to see translated into concrete action was put together in February this year to enhance the collaboration and synergy between both bodies representing the private sector.

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